Engineering agency Titagarh Rail Techniques Ltd stated on Wednesday that it plans to lift as much as Rs 700 crore by means of Certified Institutional Placement (QIP) and is on the lookout for a strategic companion in its shipbuilding, bridge and protection companies.
In a regulatory submitting, the corporate stated the proceeds from the QIP program might be used to strengthen the corporate’s place in its core enterprise and fund future development initiatives.
The Firm will search the required approval from its shareholders to subject the QIP.
Its board authorized the QIP plan at its assembly and likewise fashioned a committee to discover a companion within the Shipbuilding, Bridge Constructing and Protection (SBD) enterprise. At present, rolling inventory and passenger railcars are the corporate’s core operations, and it’s foraying into railway wheels by means of a three way partnership.
The corporate in June additionally agreed to lift Rs 288.80 crore by means of preferential allotment of shares to Smallcap World Fund Inc., leading to a 5.98 per cent stake within the rickshaw maker.
Along with QIP, the corporate has additionally fashioned a committee of administrators to determine a strategic companion or three way partnership for its SBD enterprise. The Committee may also acquire help from exterior consultants or service provider bankers for this objective.
(Solely the title and picture of this report could have been reworked by Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
First printed: 08 November 2023 | 10:31 pm he
(Tags for translation)Titagarh Rail